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What should be my optimal strategy?

Established Contributor

Re: What should be my optimal strategy?

Yes ! I was wondering the VERY same thing, but....

 

SisterGirl

SisterGirl
Message 21 of 52
Valued Contributor

Re: What should be my optimal strategy?


Repo-ed wrote:

Guys, nobodies spiddy-senses went off within the OP?

 

$900 in TOTAL CL, and then hits us with SWA Siggy Visa with $8500 CL?!!?!?

 

This is a train wreck that I'll have to stop from watching.


and he want 100k credit limit in 1 or 2 years. Thats impossible man.

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Message 22 of 52
Blogger

Re: What should be my optimal strategy?

3 non-secured cards with 9 months history, assuming a clean slate, is a good start. And the OP just obtained a high limit card. As long as he/she maintains the high income to justify the needs for spending, the ultimate goal, though ambitious, is not unattainable.

Message 23 of 52
Regular Contributor

Re: What should be my optimal strategy?

I'm sure to get very high appraisals & raises next year so income is not a a concern.
Walmart Discover $10,000... Chase SW $8,500... Freedom $7,000... CSP $6,000... Amex Delta $3,000... Amex BCP $2,000... Local CU $1,500...
Message 24 of 52
Blogger

Re: What should be my optimal strategy?


cowboyguy wrote:
I'm sure to get very high appraisals & raises next year so income is not a a concern.

That would be very helpful. For now (say today, or by the end of the weekend), I would encourage you to apply for an Amex. In January if you get another Amex, the backdating will help your AAoA and your chances of being approved for better cards later on. The easiest Amex CC is the Gold Delta Skymiles, and Amex loves fresh starters with high income like you.

 

Message 25 of 52
Regular Contributor

Re: What should be my optimal strategy?

Thanks HiLine for all your help.

 

I just applied for Delta Skymiles Amex and got approved Smiley Happy

 

I don't know what credit limit they've given me. I just called their customer service number & they say that their credit department is closed now & I'll need to call them Monday to know my limit. If I would know my limit right now (and if they have given me a high CL) I could simply go-ahead now & apply for another card (so that the new lender wouldn't see the hard inquiry for Amex).

Walmart Discover $10,000... Chase SW $8,500... Freedom $7,000... CSP $6,000... Amex Delta $3,000... Amex BCP $2,000... Local CU $1,500...
Message 26 of 52
Regular Contributor

Re: What should be my optimal strategy?

HiLine,

 

I was also wondering if it is a good idea to apply for an additional new credit card before the hard inquiry for Delta gets reported. Do you think its a good idea?

Walmart Discover $10,000... Chase SW $8,500... Freedom $7,000... CSP $6,000... Amex Delta $3,000... Amex BCP $2,000... Local CU $1,500...
Message 27 of 52
Established Contributor

Re: What should be my optimal strategy?

Nothing is impossible. Easy easy. Opend secured credit card. Some bank will let you put 100k to get 100k CL . Lol you don't need 1 or 2 year, 1 day that's enough.! Congrats on new 100 K CL

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Message 28 of 52
Blogger

Re: What should be my optimal strategy?

The hard inquiry is already on your report, while the Amex account is not going to be reported until at least the end of the first billing cycle. I think your next goal should be to get a second and possibly a third Amex in January, but to reach that goal you need to take it slowly for a bit. For the next 2 months, treat your Amex Skymiles well, make frequent purchases on it and pay in full before the statement cuts. Then in January, Amex will probably trust you enough to give you more cards. Afterwards you can request a 3x CLI on the Gold Skymiles. By then you'll probably have around 15k-20k. At this point you can plan for a big application spree a few months later to bring the total limit to about 30k-40k. I'm confident you can get at least this much by July next year following this strategy, since you already have at least one card with a high limit, and will have a decent credit history length thanks to the Amex backdating policy. If your Amex Skymiles comes with a 5k or higher limit, you can aim even higher. All the better if your other cards also get CLI's along the way. 

 

So for now, focus on building trust with your current creditors by charging the cards you have frequently and always pay in full. Save yourselvef some inquiries for January and especially July. If you apply too soon I'm afraid you may have to put up with low limit cards. It's easier to end up with high limits if you start with high limits from the beginning. And 40k by July doesn't sound too bad, doesn't it? Smiley Wink

 

Oh and by the way, it is generally recommended that you not call Amex's customer service too often. Amex is very cautious about fraud detection, and since your goal is to amass a huge total credit limit which may appear suspicious, you want to attract as little attention as possible. 

Message 29 of 52
Valued Contributor

Re: What should be my optimal strategy?

Your goal sounds pretty easy. I went from having 1400 in credit in January to $61100 credit right now. I applied for around ten or eleven cards in January and February. I used the cards and always paid the entire amount charged. The past couple months I have gotten very surprising increase from lenders to get to the amount I have now. It is very easy to get increases when you always pay on time and have a clean file. I only have about thirty-two months of history so I am still very new to credit.

 

Getting a high limit with no other high limits is not impossible. American Express gave me $10000 and PNC granted $5200 instantly when the only limit being reported was the Amazon store card of $1400.

 

I say apply for multiple cards now before the two new ones report. Inquiries are usually not an issue if you speak with someone about them and explain what you are doing.

Message 30 of 52